The Dukes County Savings Bank has opened a trust department in North Tisbury, restoring local trust services to the Vineyard.
The Martha’s Vineyard National Bank sold its trust department in March, effectively shutting the Island’s only trust department.
“We think this is a service that should remain on Martha’s Vineyard,” Edward Mayhew, president of the Dukes County Savings Bank, said this week.


Despite a softening of the real estate market and changes in the economy, officials of Vineyard banking institutions remain generally optimistic about local affairs with few reservations.


For the first time in its 16 year history, the Dukes County Savings Bank has reported assets over $10-million.
Bank President, John W. Osborn, announced Tuesday afternoon at the regular quarterly meeting of the trustees, that deposits had increased $500,000 since January 15 and now total $9,158,000, which is also a record high. New mortgages added during the quarter totaled $9,158,000, which is also a record high. New mortgages added during the quarter totaled $559,000.


With the approval and cooperation of the superintendent of schools, the principals and faculty, the Dukes County Savings Bank has instituted a school savings plan design to encourage thrift by regular savings. The teachers are provided with signature cards, the first step toward opening an account, and a deposit envelope for the first deposit. At least five cents is required. The bank will issue pass books in the name of all students.
Although title has not yet passed, the sale is virtually completed whereby the Martha’s Vineyard Cooperative Bank will purchase the Cosgrove house, so-called, on South Main street, Vineyard Haven, with the intention of moving into this building as soon as the necessary remodeling can be done. The present title is vested in Miss Grace T. Cosgrove although it was formerly the Island home of herself and her brother, Dr. Thomas C. Cosgrove.


The opening of the new Dukes County Savings Bank last Friday proved to be an event on a national scale. From all the country over came letters and telegrams of congratulation and encouragement extended by other mutual savings banks, and the new banking house opposite the courthouse was abloom with no fewer than twenty-seven baskets or sprays of flowers, all gorgeous.